Obamas report improved personal finances

The Obama family’s finances improved over the last year thanks to robust book sales, according to financial disclosure forms released Monday.

The president and Michelle Obama have assets totaling between $2.3 million and $7.7 million, excluding their house in Chicago, the forms showed. A year ago, the first family posted assets of between $1.4 million and $5.9 million.

The disclosure reports, required under ethics laws, allow public officials to list income, assets and other financial information in broad dollar ranges, rather than specific amounts.

Obama’s form, covering 2009, shows he received $225,000 for an abridged version of his book “Dreams From My Father” that will target young readers. Of that, 10% went to his agent.

The couple’s joint checking account held between $250,000 and $500,000.

Gifts were few but memorable. One was the family’s Portuguese water dog, Bo, whose value is listed at $1,600. The dog was a present from late Sen. Edward M. Kennedy (D-Mass.) and his wife, Victoria Reggie Kennedy.

The president’s other gift was the Nobel Peace Prize medal and diploma, the value of which is listed as “not readily ascertainable.” Obama divided the $1.4-million Nobel cash prize among various charities.

Obama reported no liabilities. Officials are not required to list the value or liability of their primary home.

With two young daughters, the Obamas are socking away future tuition money. The form shows they have between $200,000 and $500,000 in college savings plans.

Obama’s tax returns, released last month, also attest to the family’s improving financial condition. Propelled largely by sales of his two books, Obama’s income rose to $5.5 million in his first year in office, up from $2.7 million the year before.

Before he became a national figure, Obama struggled to pay his bills. He often tells a story about how his credit card was declined when he arrived in Los Angeles for the 2000 Democratic National Convention.

Vice President Joe Biden’s personal finances aren’t nearly as solid as the president’s. Biden’s assets are reported to be between $155,000 and $679,000, with liabilities between $190,000 and $465,000.

Under gifts received, Biden reported that Margaret Spanel of Hightstown, N.J., gave him a signed first edition of James Joyce’s “Anna Livia Plurabelle,” which is part of “Finnegans Wake.” The gift was valued at $3,500.

peter.nicholas@latimes.com